Residents of the 2700 block of Croydon Street in Bridesburg have been suffering with a sinkhole for the last 12 hours. Resident Tiffany Dever said home foundations are cracking, and a water department truck fell in at one point.
A spokeswoman for the Philadelphia Water Department said crews were on the scene. Repairs to a 6-inch water main are nearly complete, and then crews will start fixing a larger brick sewer line, Lauren Copeland, public relations manager for the department, said this afternoon.

Am I the only to whom it's occurred that monetary policy through the banking channel (as opposed to, say, actually dropping money from helicopters) is only likely to be effective if banks are pretty good at allocating capital efficiently, and recent history tells us that the existing set of clowns in charge completely suck ass at this?

Are there any elected officials who don't assume their failures are universal ones, and therefore not their fault?

Mayor Michael R. Bloomberg began his budget address on Friday afternoon — one of his most significant policy pronouncements as he seeks to persuade voters to return him to a third term in office this November — warning that New York City will need state and federal action, union concessions and more belt-tightening to close a mounting fiscal gap.

He outlined a four-part plan to close a projected the $4 billion gap for the 2010 fiscal year by reducing expenses by roughly $1 billion, obtaining another $1 billion from the federal government through more generous Medicaid reimbursements, securing another $1 billion from unions and the state by renegotiating labor contracts, and raising $900 million from tax increases, including a possible rise in the sales tax rate to 8.75 percent from 8.375 percent.

...

“It’s fair to say that nobody was prepared for the severity of the downturn we are experiencing,” he said.

This story has gotten some national attention, though I think Coatesville is often erroneously described as a "Philadelphia suburb." It's a former steel town about 45 miles away with a large African-American population (not suggesting racial motive here).

Just this week, 15 Coatesville rowhouses burned to a crisp. The city's on edge. Nervous residents are sleeping in their clothes with their most cherished possessions close by, just in case.

Some living through the horror of the flames. All living in fear that it will happen again.

Sadly, chances are it will. After all, the city has suffered 15 deliberately set fires already this year, equal to the total number there last year. Those match-happy terrorists are still on the loose, no doubt high-fiving each other for their attention-grabbing arsons.

Jan. 30 (Bloomberg) -- At the World Economic Forum two years ago, Nouriel Roubini warned that record profits and bonuses were obscuring a “hard landing” to come. “I really disagree,” countered Jacob Frenkel, the American International Group Inc. vice chairman and former Israeli central banker.

No more. “Roubini was intellectually courageous, and he called the shots correctly,” says Frenkel, whose AIG survives only on the basis of more than $100 billion of government loans. “He gained credibility, and he deserves it.”

...

“The consensus is catching up with me, but it’s still behind,” Roubini said in an interview in Davos. “I don’t know what some people are smoking.”

WASHINGTON (AP) -- The economy shrank at a 3.8 percent pace at the end of 2008, the worst showing in a quarter-century, as the deepening recession forced consumers and businesses to throttle back spending.

Thursday, January 29, 2009

WASHINGTON – Senate Democrats moved one step closer to handing President Barack Obama an early health care victory Thursday, passing a bill extending government-sponsored health insurance coverage to about 4 million uninsured children.

The bill, which was approved 66-32, authorizes an additional $32.8 billion over the next 4 1/2 years for the State Children's Health Insurance Program. The House plans to take up the same measure next week.

State Police have discovered a massive cache of weapons at the home of a former Vineland Police officer who was taken into custody on aggravated assault charges.

...

Chopper 3 was over the four-acre property after investigators discovered a massive cache of weapons in an apparent underground bunker. Apparently nearly 250 weapons were found along with a half million rounds of ammunition during a search of the grounds.

It is frustrating how big chains often stick to suburban models when they move into urban environments. Near me there's a Superfresh with a block-destroying blank wall facade, and on the next block there's a Whole Foods which fortunately engages the street making for a pleasant pedestrian experience.

Village Voice Media, owner of many alt weeklies, has cut cartoons. If you, like many other people, pick up the weeklies for comics and no longer find them there, you should contact your local publication and express your disappointment. Politely, of course.

Jobless rolls jumped to a record peak in mid-January, while new orders for durable goods fell for a fifth straight month in December, data showed on Thursday, underscoring the deepening economic malaise.

...

The number of people remaining on the benefits roll after drawing an initial week of aid, or continued claims, rose 159,000 to a higher-than-forecast 4.776 million in the week ended Jan. 17, the most recent week for which data is available.

The Labor Department said this was the highest reading since its records on this series began in 1967. Analysts had expected continued claims to be 4.65 million.

Wednesday, January 28, 2009

If I were advising the Republicans I would've told them to vote against the stimulus package. I would tell them to make the point clearly that if they were in charge, the bill would be a different bill. They're a competing political party and they need to, you know, highlight the fact that their vision for America is actually different. I appreciate that members of both parties don't always toe the line completely, but on a bill as big as this it makes perfect sense for it to play out as it did.

Of course the flip side is that Dems should've pushed the best plan that could pass the Senate instead of pushing some pointless fantasy about bipartisanship.

Alex Koppelman tries to grappel rationally with Republican horseshit, but there's really no point. This is just about Republicans squealing OH NOES DEMS HEART TEH SEX, the media giggling like tweens, and the Dems running for cover from the BIG SCARY VAGINA.

I'm slightly confused by this. I get that upstate New York politicians tend to hate all things New York City, but Gillibrand's SUPERTRAIN would presumably be good for New York cities not named "New York City" such as Buffalo, Syracuse, Rochester, and Albany.

Tuesday, January 27, 2009

She was correct. I can see arguments for why 30-year fixed mortgages with appropriate due diligence under our current system should be exempt (and maybe agree with!), but any "exotic" mortgages (variable rate, liar loans, option arms, etc...) should go on the pile. Bankruptcy court isn't pleasant for any of the parties. Both creditors and debtors are punished, and in a time when "ability to pay" was not given much consideration lenders do deserve punishment.

The nation's current recession is likely to be the longest since World War II, and by some measures could be the worst since the Great Depression, a new Congressional Budget Office forecast said Tuesday.

Without a major economic stimulus plan, "the shortfall in the nation's output relative to its potential would be the largest – in terms of both length and depth – since the Depression of the 1930s," said new CBO Director Douglas Elmendorf in testimony prepared for the House Budget Committee.

Monday, January 26, 2009

WASHINGTON – House Democrats appear likely to jettison family planning funds for the low-income from an $825 billion economic stimulus bill, officials said late Monday, following an appeal from President Barack Obama at a time the administration is courting Republican critics of the legislation.

Several officials said a final decision was likely on Tuesday, coinciding with Obama's scheduled visit to the Capitol for separate meetings with House and Senate Republicans.

There's nothing logical about the contraception freakout. The Republicans are betting on the idea the our media will react like 9 year old boys to anything remotely having to do with sex (they're right) and that the public will react likewise (don't think they're right anymore).

Q: Since early childhood, I've suffered from sleep paralysis. My father suffered from it, as well as my brothers. There have been many times when I thought I'd never awaken from it. What causes it? What can I do to prevent it from happening?

A: For folks unfamiliar with your frightening affliction, here is a description: When you awaken from sleep, your body is temporarily frozen. For, on average, a period of 15 seconds to a minute, you're paralyzed. You can't move or speak, and there's often a feeling of suffocation. There may be a period of hallucinations where dreaming and consciousness overlap. It usually happens upon awakening, but can also happen when falling asleep.

"We talked a lot about the economy," she said of the lunch, and ticked off their wish-list of projects for which they hoped to get federal aid. "One area that we all agree on," she said, "is that we really want high-speed rail" -- specifically a fast rail line along the I-87 corridor and over to Buffalo. Gillibrand said they also discussed unemployment benefits, and getting more federal reimbursement for state Medicaid payments.

Just a little plug for R5 Productions and their Punk Rock Flea Market, which isn't just punk rock. They do their best to make as many shows they bring to town as they can all ages, which is difficult due to the economics of touring and stupid licensing/liquor laws.

It's back! that time again for the bi-annual (twice a year) PUNK ROCK FLEA MARKET. R5's most popular reoccurring event/show/whatever by far. We continually have over 2000 visitors and 100+ tables of old records, clothes, art, music, food, junk, bicycles, stereo equipment, instruments, automobiles, tools, posters, furniture, computers, skateboards and lots of other stuff this past June. It's all going down at The ELECTRIC FACTORY located just below 7th and Spring Garden Sts - a big spacious venue - giving them ability to host over 130 vendors in one single room. Their biggest market to date!.All proceeds raised will goto the purchase of necessary equipment and supplies to ensure that all ages shows continue to remain a reality at The First Unitarian Church in Philadelphia - mainly an annual payment for their liability insurance policy. Do not let the "name of the event" lead you to believe that it's just punk records, clothes etc. - it's a full on flea market with everything from furniture, to laptops / computers , to stereo equipment, to handmade apparel, to vegan treats, information from various non profit groups, book stores, artists selling their work, bicycles & skateboards and whatever else they can fit onto the ballroom floor at The Electric Factory .

In addition to the normal flea market stuff there will also be a full bar and food service kitchen to make the day go by a little faster.

I was thinking yesterday that part of the problem is that we don't really have the equivalent of the highway building industry to lobby for money. Freight companies throw some weight around, but their interests aren't exactly aligned with those of commuter rail advocates. Bring on Big Rail!

Sunday, January 25, 2009

WASHINGTON — President Obama will direct federal regulators on Monday to move swiftly on an application by California and 13 other states to set strict automobile emission and fuel efficiency standards, two administration officials said Sunday evening.

The directive makes good on an Obama campaign pledge and signifies a sharp reversal of Bush administration policy. Granting California and the other states the right to regulate tailpipe emissions would be one of the most emphatic actions Mr. Obama could take to quickly put his stamp on environmental policy.

GDP is expected to have fallen at a 5.5% annualized rate in the final three months of last year, according to the median forecast of economists surveyed by MarketWatch. That would be the biggest decline since the 6.4% drop in early 1982 and one of the worst quarters in the post-World War II era.

Impeached Gov. Blagojevich, on the first leg of his media blitz timed to the start of his impeachment trial, in an NBC interview broadcast on The Today Show Sunday compared himself to human rights heros Nelson Mandela, Dr. Martin Luther King Jr. and Mahatma Gahdhi.

I actually hope every Republican votes against the stimulus package, and I hope that instead of trying to please them the Obama team comes up with what they think the right package will be. The Republicans should lay out a competing vision, which won't pass because they aren't in charge. Then, 2 and 4 years from now voters can judge the results and if they aren't pretty they'll know who to blame and decide that the competing vision would have been a better one.

With bipartisanship you'll not only get a compromise that sucks, when it's time to throw the bums out no one will be quite sure which party should be blamed. Then what new candidates do is just run against some generic "Washington."

Democrats have the presidency and big majorities. Instead of hiding behind the spread-the-blame-around tactic, they should announce their vision and run with it.

From the beginning, I think the Villagers bought into the idea that "terrorists" weren't simply bad guys who wanted to blow some stuff and people up, but actual supervillains with special powers. It's why they all seem to love Gitmo, because they think supervillains need some sort superprison to keep them contained.

Terrorists in quotes not because there aren't actual terrorists, but because not everybody the US government has labeled one and detained is actually one.

The controller says California is down to Plan D on its checklist of paying bills. Its cash reserves are piddling; the special funds it borrows from are tapped out, and no one in the private sector is going to lend it any cash at a reasonable interest rate.

That leaves what in state government circles are called "payment deferrals" and what in real life is called "stiffing your creditors."